₦airaland Forum

vaxx:
Yes cedis was redinominated. Even at that Ghanaian were earing in millions back then . Now the redenomination turns Ghanaian into thousansnaire in Gh and a millionaire in 9ja .

Yet the value remain the same

Laugh louder

Value of that Cedis is same. Imagine using thousands to buy coke.

forgiveness:
Value of that Cedis is same. Imagine using thousands to buy coke.

Yes, with the redenomination, we now coke with a unit cons 5 cedis. Even when it was in thousands cedis , Ghana purchasing power make it avoidable. So not a biggy

GeneralDae:
Naira is 1590/1600 to USD. It was 1500/1530 for about 3 months until Donald Trump’s tariff issues early April which spiked our Eurobond yields from about 9 to 13% due to investors fear of low oil prices. The continuous low oil prices as well means our Central Bank may try to maintain at 1600 levels for a while.

Ghana on the other hand, is under an IMF program and free from a lot of foreign debt servicing (for now until 2027) which gives you a chance to boost your reserves and strengthen your currency [b]but I don’t know what’s happenin[/b]g.

exapansiate?

American new tarrif also affects Ghana

vaxx:
exapansiate?

American new tarrif also affects Ghana

Affects Ghana in what way compared to reduction of crude oil prices? Hasn’t gold been climbing? Your biggest export is gold which has been on the rise coupled with the fact that you service very little foreign debts.
Nigeria’s biggest export is crude oil by far (which has been falling), so what do you expect?

Cedis is one of the most worthless currency in Africa. Big on exchange rate, little in value.

GeneralDae:
Affects Ghana in what way compared to reduction of crude oil prices? Hasn’t gold been climbing? Your biggest export is gold which has been on the rise coupled with the fact that you service very little foreign debts.
Nigeria’s biggest export is crude oil by far (which has been falling), so what do you expect?

The current Trump tarrif affected 60 or more countries and Ghana is not exclusive . Do you even know Ghana and Nigeria has nearly the same structure of economy. I mean the remittance inflows and export on earning on natural resources are nearly similar .Ghana also earn on the same oil even though it is insignificant compared to Nigeria. Apart from commodity like gold and cocoa, I do not see much difference.

Ghana is currently introducing fiscal and monetary policies which is given the investors confidence in keeping their money here therefore shoring up stability in the economy.


And again, dollar is currently weak globally apart from Nigeria and some few others countries. Dollar is currently falling against major global currency. This is also creating a favourable conditions for emerging market currencies like the cedi too.


So naira needs to also improved on its fundamentals



You are yet to exapansiate on I what I asked you to do

vaxx:
The current Trump tarrif affected 60 or more countries and Ghana is not exclusive . Do you even know Ghana and Nigeria has nearly the same structure of economy. I mean the remittance inflows and export on earning on natural resources are nearly similar .Ghana also earn on the same oil even though it is insignificant compared to Nigeria. Apart from commodity like gold and cocoa, I do not see much difference.

Ghana is currently introducing fiscal and monetary policies which is given the investors confidence in keeping their money here therefore shoring up stability in the economy.


And again, dollar is currently weak globally apart from Nigeria and some few others countries. Dollar is currently falling against major global currency. This is also creating a favourable conditions for emerging market currencies like the cedi too.


So naira needs to also improved on its fundamentals



You are yet to exapansiate on I what I asked you to do

Lots of balderdash but I would ignore (no time to argue). I made a point which you are ignoring.

Ghana could no longer service her debts in 2022 and defaulted. Because of this, most of your foreign debt servicing have been paused since early 2024 at least. The question is why has cedis been struggling even with all these?

Another big move by Aliko Dangote:

“I am thrilled to announce the official launch of our state-of-the-art tomato processing plant in northern Nigeria, proudly standing as the largest in Africa. After five years of dedication and a significant investment of $30 million, we have achieved more than just a facility. We have created hope for our farmers, a solution to reduce our reliance on imports, and an opportunity to generate thousands of local jobs.

This milestone marks a significant shift for Nigeria, saving $40 million annually on tomato paste imports. By retaining this capital within our economy, we are investing in our people and fostering sustainable growth.

Our vision is clear: to invest in Africa, for Africans, and build self-sufficiency. Together, let's develop our continent and shape a brighter future for generations to come”.

vaxx:
Yes, with the redenomination, we now coke with a unit cons 5 cedis. Even when it was in thousands cedis , Ghana purchasing power make it avoidable. So not a biggy

5 Cedis is 5,000 Cedis actually. Imagine using 5k to buy Coke. That Cedis is overrated.

He out working for another org - he totally lied to Nigerias - and now their GDP is where it supposed to be 180-200B range.

gallivant:
Yemi Kale must be held accountable.

forgiveness:
5 Cedis is 5,000 Cedis actually. Imagine using 5k to buy Coke. That Cedis is overrated.

You are actually wrong, five cedis is the old 50, 000 cedis not 5000. Now let me convince your brain , when Ghana was using that old price , Ghanaian purchasing power was way higher so that 50,000 cedis is just a single paper note .

This is expected not to stressed an average Ghanaian out.


Similar case is reported in Japan and China where they have their money in volumes but it doesn't affect their purchasing power.

For you to know a country citizens spending power , look into their purchasing power. For you to check on their poverty level , look at the GDP per Capital. In all this, Ghana has left Nigeria behind

Dangote Tomato

https://www.foodbusinessafrica.com/dangote-group-launches-africas-largest-tomato-processing-facility-in-nigeria/

The need for a domestic tomato processing facility has become increasingly urgent as Nigeria consumes an estimated 2.3 million tons of tomato paste each year but relies heavily on imports, primarily from China.

Each year, Nigeria spends USD 360 million importing about 300,000 tons of tomato paste from abroad.

Aliko Dangote, president of the Dangote Group and Africa’s wealthiest man, saw an opportunity to change this dynamic.
“This factory not only meets domestic demand but sets a benchmark for what Nigerian agriculture can achieve,” Dangote said at the factory’s unveiling ceremony.

The new Dangote plant is expected to produce over 400,000 tons of tomato paste annually, which will drastically reduce Nigeria’s need for imports.

In addition, the Dangote Group has set up a N3 billion greenhouse nursery in Kano designed to produce between 300 and 350 million tons of hybrid tomato seedlings.

This greenhouse aims to supply farmers with high-quality seedlings, further enhancing the country’s tomato production capabilities.
One of the facility’s primary goals is to reduce the staggering post-harvest loss of tomatoes.
Nigerian farmers currently produce approximately 1.5 million tons of tomatoes each year, but around 900,000 tons—more than half—end up rotting due to a lack of storage, processing, and transport infrastructure.
This facility promises to change that reality, ensuring a larger portion of harvested tomatoes reach consumers.
The plant sources its raw tomatoes primarily from farmers in the Kadawa Valley, providing them a guaranteed price of USD 700 per ton.
This is a significant increase compared to the average USD 350 per ton that farmers typically earn, and it offers a dependable income stream.
By providing a secure market for farmers and encouraging local production, Dangote’s factory reduces the rural exodus and boosts the local economy.

GeneralDae:

Lots of balderdash but I would ignore (no time to argue). I made a point which you are ignoring

.

Bring fact not some kind of paralogism. Why is it balderdash according to you? And again you are avoiding the earlier bolded part where I ask you to expatiantiate.

Ghana could no longer service her debts in 2022 and defaulted

and similar case with Zambia , Ethiopia and some few other countries, it is just that Ghana has perform better than this countries economically now . Well this is due to global shock that comes with COVID 19 and some other fiscal mismanagement. Nigeria also suffer the same issue when your debt service exceed your revenue , you have no other option than to borrowed( adopt debt refinancing ) but Ghana rather create a fiscal space by adopting debt suspension and haircut which made more sense. imf loan becomes the next alternative since they offer affordable loan and also have flexible payments plan . Ghana want it cheap and economical, therefore Ghana adopt it . So instead of borrowing to pay loans that Nigeria was doing or pay major salaries .Ghana rather opted for debt service suspension and haircut.

.

Because of this, most of your foreign debt servicing have been paused since early 2024 at least.

Yes to create more fiscal space for a healthy economy. Therefore leading to the strengthening of the cedis and more space to continue with govt pressing needs. Argentina and Peru once adopt it . Check them today.

At least it has make the The question is why has cedis been struggling even with all these?

cedis is not struggling but rather appreciating currently... And it is expected to become stronger according to major analyst.

Nigeria adopt debt refinancing, Ghana adopt a combination of debt suspension and haircut . If you ask me which of the option is more smarter , I will say the later. And if you want to know why. Read about haircuts in financing.

vaxx:
You are actually wrong, five cedis is the old 50, 000 cedis not 5000. Now let me convince your brain , when Ghana was using that old price , Ghanaian purchasing power was way higher so that 50,000 cedis is just a single paper note .

This is expected not to stressed an average Ghanaian out.


Similar case is reported in Japan and China where they have their money in volumes but it doesn't affect their purchasing power.

For you to know a country citizens spending power , look into their purchasing power. For you to check on their poverty level , look at the GDP per Capital. In all this, Ghana has left Nigeria behind

Your are right about 5 Cedis was equivalent to 50,000 Cedis then and now.

Imagine using 50,000 naira to buy a bottle of Coke just like you are doing with 50,000 Cedis to buy Coke now.


Mr man, Ghanaians know the truth. The inflation is that country is worse.

Now, I know naira has been dismantled due to removal of subsidy but I still know the real value of naira is underrated.

It should be 700 per dollars but some mischievous people are destroying the currency.

The president knows what to do but he is thinking about reelection so he doesn't want to step on toes otherwise I don't see reason there should be exchange of foreign currency over the counter.

The day CBN governor stops people from collecting foreign currency deposited in the domiciliary account js the day dollar will crash.

Anyone who deposit foreign currency in a domiciliary account should not be allowed to collect back in dollar. Instead, naira should be given.

You can use your credit card to transfer money abroad if you want to buy or pay for something.

Anybody who wants cash must provide his visa and flight ticket. However, he will collect the money ones he checked in at the airport from the bank.

forgiveness:
Your are right about 5 Cedis was equivalent to 50,000 Cedis then and now.

Imagine using 50,000 naira to buy a bottle of Coke just like you are doing with 50,000 Cedis to buy Coke now.


Mr man, Ghanaians know the truth. The inflation is that country is worse.

Now, I know naira has been dismantled due to removal of subsidy but I still know the real value of naira is underrated.

It should be 700 per dollars but some mischievous people are destroying the currency.

The president knows what to do but he is thinking about reelection so he doesn't want to step on toes otherwise I don't see reason there should be exchange of foreign currency over the counter.

The day CBN governor stops people from collecting foreign currency deposited in the domiciliary account js the day dollar will crash.

Anyone who deposit foreign currency in a domiciliary account should not be allowed to collect back in dollar. Instead, naira should be given.

You can use your credit card to transfer money abroad if you want to buy or pay for something.

Anybody who wants cash must provide his visa and flight ticket. However, he will collect the money ones he checked in at the airport from the bank.

the few bolded are the one worth my response, while the remaining are not for me , see your minister for finance if you have a brilliant idea.


The 50,000 cedis is now five cedis by redenomination. This has not in anyway affect Ghanaian negatively, rather it has boosted local economy.instill confidence and prestige on the local currency. Infact GDP per capital and purchasing power has increased.

Making the money accessible to average Ghanaian.

The second bolded. Stop imagining, put it in reflection of economic reality. A bottle of coke is around 3 euro ( average bottle) in Europe compare to about 300 yen in Japan . Same bottle . It does not mean Japanese are buying it more than what it is obtainable in Europe cus from Japanese purchasing power , you could see they are basically similar. Infact much more better in Japan .


Anyway regarding the inflation rate. Ghana is presently doing better than Nigeria. A fact you can googled.


Nigeria is not the only country that has removed subsidy on oil , similar thing with Ghana. Infact Ghana was doing it way back

And it is

Dutse Jigawa State.


https://www.youtube.com/watch?v=xvRzzvC2ykY?si=u3AXVn_b63fA_EB3

Ikoyi, Lagos Nigeria 🇳🇬

Kaduna State, North West Nigeria

Nairobi's skyline always transforming

I don't think any other african currencies have gained as much value as the cedi in the past two weeks.


Official figure from the bank of GH

Aliko Dangote, Africa 's richest man owns and operates a wide range of factories across various industries under the Dangote Group across Africa.

These factories include cement plants, a large oil refinery, sugar refineries, salt refineries, flour mills, and packaging facilities.

Key Factories and Industries:
✅Dangote Cement is the largest cement manufacturer in Africa, with multiple plants across Nigeria and other African countries.

✅Dangote Refinery, inaugurated in May 2023, is the largest single-train refinery in the world, designed to process Nigerian crude oil.

✅Dangote Sugar Refinery is one of the largest sugar producers in Nigeria and Africa.
National Salt Company of Nigeria (NASCON), a subsidiary of the Dangote Group, manufactures and markets salt for industrial and domestic use.

✅Dangote Flour Mills PLC is a significant player in the flour milling industry in Nigeria.

✅The Dangote Group owns and operates a granite mine in Ogun State, Nigeria, for construction purposes.

✅Dangote Sinotruk West Africa Limited is a joint venture with Sinotruck, focused on assembling various types of trucks.

✅Dangote Tomato Processing: launched Africa’s largest tomato processing factory in northern Nigeria, a USD 20 million project that promises to reduce Nigeria’s reliance on imported tomatoes, create jobs, and support local agriculture.

With over 30,000 employees, he is among Africa's Leading individual Employer.

(Copied from X)

GeneralDae:
Naira is 1590/1600 to USD. It was 1500/1530 for about 3 months until Donald Trump’s tariff issues early April which spiked our Eurobond yields from about 9 to 13% due to investors fear of low oil prices. The continuous low oil prices as well means our Central Bank may try to maintain at 1600 levels for a while.

Ghana on the other hand, is under an IMF program and free from a lot of foreign debt servicing (for now until 2027) which gives you a chance to boost your reserves and strengthen your currency but I don’t know what’s happening.

The Ghanaian government and the central bank plan on slowing down the level of appreciation of the Cedi to prevent a sharp rise.
They will let it appreciate slowly till it hit 9 cedis to a dollar and then they'll try and maintain that rate For a period

We've moved from 16 to a dollar to 12.7 to a dollar

theenchanter:
Cedis is one of the most worthless currency in Africa. Big on exchange rate, little in value.

The cedi has actually been one of the most valuable currency on the continent, you won't understand this until you see what a mere 1000 cedis is in Nigeria

Just40:
The cedi has actually been one of the most valuable currency on the continent, you won't understand this until you see what a mere 1000 cedis is in Nigeria

that is 117,000 naira' as at today exchange rate .


Black market rate 122,000 naira

theenchanter:
Cedis is one of the most worthless currency in Africa. Big on exchange rate, little in value.

for the sake of your normal tantrum . Yes. But naira now leads while cedis is at a distance 10000th

vaxx:
that is 117,000 naira' as at today exchange rate .


Black market rate 122,000 naira

if you earn in cedis, you can literally spend like a king in most part of Africa with the few exceptions being SA, Morocco (don't know much about Libya, Egypt and Algeria at the moment).

Just40:
if you earn in cedis, you can literally spend like a king in most part of Africa with the few exceptions being SA, Morocco (don't know much about Libya, Egypt and Algeria at the moment).

You are a big boy. Smart 9ja boys are buying dollars in GH now and selling it in 9ja. Making a double profit


Though a bad idea for the economy. But a smart buisness move for 9ja citizens .

Just40:
The cedi has actually been one of the most valuable currency on the continent, you won't understand this until you see what a mere 1000 cedis is in Nigeria

why do I need to see what it is in Nigeria when it can't get me same value in Ghana, it's owner? Being high in exchange rate doesn't make it valuable in its primary nation.

vaxx:
that is 117,000 naira' as at today exchange rate .


Black market rate 122,000 naira

but u and I know I'll get more value for my 117k/122k naira in Nigeria far more than you get for your 1k cedis in Ghana, So who's the joker here? Nigerian producers can actually target ur market to earn ur fx but urs can't do the same, how's that a flex? Like una no know simple economics ni?

Just40:
if you earn in cedis, you can literally spend like a king in most part of Africa with the few exceptions being SA, Morocco (don't know much about Libya, Egypt and Algeria at the moment).

why do I need to earn in cedis just to spend in another country? Why can't Ghanaians get same value in Ghana? Let foreigner earn our cedis and enjoy like a king in their country with our fx rate but our compatriots shouldn't enjoy the same.

I like ur analogy.👍🏾

vaxx:
You are a big boy. Smart 9ja boys are buying dollars in GH now and selling it in 9ja. Making a double profit

Though a bad idea for the economy. But a smart buisness move for 9ja citizens .

it's an overall joke on ur country.

theenchanter:
why do I need to see what it is in Nigeria when it can't get me same value in Ghana, it's owner? Being high in exchange rate doesn't make it valuable in its primary nation.but u and I know I'll get more value for my 117k/122k naira in Nigeria far more than you get for your 1k cedis in Ghana, So who's the joker here? Nigerian producers can actually target ur market to earn ur fx but urs can't do the same, how's that a flex? Like una no know simple economics ni?
why do I need to earn in cedis just to spend in another country? Why can't Ghanaians get same value in Ghana? Let foreigner earn our cedis and enjoy like a king in their country with our fx rate but our compatriots shouldn't enjoy the same.

I like ur analogy.👍🏾it's an overall joke on ur country.

100 Dollars has less value in the US but big money in Nigeria.

Same principle.....labour, laboured hours and taxes ain't the same everywhere.
These are the very reasons why you want to go and work in the US or earn in dollars so you can spend in Nigeria 🤣😂 You automatically become Oga

While a Ghanaian pays 22% in value added taxes, a Nigerian pays 7%

That's how valueless you are

Adamawa State, North Eastern Nigeria 🇳🇬